VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2011) - Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) a Vancouver-based real estate company announces the results of operations for the year ended December 31, 2010.
The Company is reporting net income from continuing operations of $5,104,000 for the year ended December 31, 2010 compared to $7,538,000 for the same period in 2009. Cash flow from continuing operations before changes in non-cash balances for the year ended December 31, 2010 is $6,367,000 compared to $6,153,000 for the same period in 2009. Earnings per share from continuing operations were $0.09 per share for the year ended December 31, 2010 compared to $0.13 per share for the same period in 2009.
In 2010 the Company had a pre-tax gain on disposition of real estate property of $1,531,000. In 2009 the Company sold properties for total consideration of $79,995,000. The Company had a pre-tax gain on disposition of a real estate property of $2,211,000 and a pre-tax gain on disposition of real estate properties from discontinued operations of $32,907,000. The Company has reflected the gain from the properties sold in which the Company has no continuing interest as income from discontinued operations. The net income from discontinued operations in 2009 was $31,331,000.
The net income for the year ended December 31, 2010 was $5,104,000 compared to $38,869,000 for the same period in 2009. Basic income per share was $.09 in 2010 compared to $.69 in 2009.
Contact Information: Madison Pacific Properties Inc.
Mr. Alan Firth
President
(604) 732-6540
or
Madison Pacific Properties Inc.
Mr. Bill Ramsey
Chief Financial Officer
(604) 732-6540
(604) 732-6550 (FAX)